Delhaize shares up after report net rose 42%

RobertDaniel

TEL AVIV (MarketWatch) - Delhaize Group
DEG, -12.50%be:delb
shares jumped 4.4% on Thursday. The Brussels supermarket operator reported fourth-quarter net income rose 42% on 7.6% higher revenue. Earnings reached 190 million euros ($263.5 million), or €1.87 a share, from €134 million, or €1.34, in the year-earlier quarter. Revenue rose to €5.24 billion from €4.87 billion. At comparable exchange rates, revenue for the quarter rose 1.5%. Comparable-store sales in the U.S. improved to a decline of 0.8% in the fourth quarter from a drop of 1.8% in the third quarter "due to an encouraging trend at Food Lion ... while Hannaford continued its excellent performance," the company said in a Thursday statement. The board plans to propose a dividend of €1.72 a share, up 7.5% from the 2009 payout.

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